Itc reversal on capital goods

334 views
User Avatar

ICWA Inter Student & working as an Acco
33 Points Posted on 29 June 2019

Dear sir,

               One of my client purchase motor vehicle for his business during the financial year 2017-18 at that time we take ITC from Motor vehicle.  Now the dealer wants to sale the vehicle due to vehicle damage and loss occur.  What is the procedure to reverse the ITC.  Please guide me

Thanks & Regards

S.Mahendrakumar  

0 Reply Share Follow Topic
On 29 June 2019 at 19:47 Report
Replies (4)
User Avatar

In Practice
54 Points Posted on 29 June 2019
you cannot take itc on motor vehicle at first place, so you should reverse it and deposit with int

follow us on fb.com/sac062019
Reply
On 29 June 2019 at 20:11
User Avatar

Bhopal
1095 Points Posted on 29 June 2019
CA. Ankit singla...... there are certain exceptions to that rule......
Reply
On 29 June 2019 at 22:48
User Avatar

faridabad
88 Points Posted on 01 July 2019
You may have to pay full amount of itc taken by you with interest as itc taken in past. You are not eligible to take itc on car was purchased for business.
Reply
On 01 July 2019 at 23:45
User Avatar

PRACTICE FROM CHENNAI
200 Points Posted on 09 July 2019
Not eligible on Motor Cars ! Some exceptions like bus services etc
Reply
On 09 July 2019 at 08:15

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Pan surrender via online
  2. EPFO Portal Issue – Unable to Save Employee
  3. Plant & Machinary
  4. ITC reversal after supplier amended the recipient
  5. GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
  6. INTEREST ON REFUND OF TDS
  7. Input tax claim related
  8. User not found in MCA portal
  9. GST RATE ON FILM PRODUCTION
  10. Section 54

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
10 November 2026
FP&A Executive

Gujarat Guardian

Ankleshwar

CA Final

View Details
Company
13 November 2026
Accountant

New Mobile India

Muzaffarpur

B.Com

View Details
Company
13 November 2026
Chartered Accountant - Fresher

Neeraj Bhagat & Co

New Delhi

CA

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details
Company
Featured ARTICLESHIP 28 October 2026
CA- Inter and Articles

N N V Satish & Co.,

Hyderabad

CA Inter

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details